Egypt’s total exports drop 18.5% YoY in 2023
Updated 12/17/2024 4:16:00 AM
Arab Finance: The value of Egypt’s total exports in 2023 stood at $42.5 billion, 18.5% down from $52.2 billion in 2022, according to a press release from the Central Agency for Public Mobilization and Statistics (CAPMAS).
Non-oil exports were valued at $35.44 billion last year, inching up by 0.2% year on year (YoY) from $35.35 billion.
Meanwhile, the value of oil and electricity exports dropped by 58% YoY, reaching $7.1 billion last year from $16.9 billion.
Türkiye ranked first as Egypt’s top exporting destination in 2023, with exports valued at $3.6 billion, accounting for 8.6% of total exports.
Italy came in second spot as Egypt exported $3.3 billion worth of goods to the European country, making up 7.6% of total exports.
Saudi Arabia followed in third place, representing 6.2% of Egypt’s total exports at a value of $2.7 billion.
On the other hand, Egypt’s total imports in 2023 were worth $84.2 billion, falling by 12.4% YoY from $996.2 billion.
Non-oil imports declined by 12.2% to $72.6 billion last year, versus $82.7 billion in 2022.
Additionally, oil and electricity imports were valued at $11.7 billion, down by 13.3% YoY from $13.5 billion.
China was Egypt’s top importing destination in 2023, with the North African country’s imports from the Asian country worth $13.2 billion, making 15.7% of Egypt’s total imports.
Saudi Arabia and the US came in second and third spots with Egypt’s imports from both countries amounting to $5.5 billion and $5.1 billion, respectively.
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